The cryptocurrency market continues to display significant price volatility as major coins record constant fluctuations. Further, the Ethereum price has successfully recorded a new yearly high by breaching the $2,400 mark during the early trading hours today.
The ETH price traded in a range between $1,995 and $2,069 for over a week, following which the market gained momentum, and the price broke out of the range. The leader of the altcoins successfully breached its resistance level and jumped over 11%, after which the price faced rejection at $2,300.
The ETH coin traded sideways for a while, following which the price regained momentum and recorded a gain of approximately 10%, resulting in the price recording a new yearly high.
However, the rally was short-lived as the bulls faced rejection at $2,400.After trading sideways for a while, the market lost momentum and the price experienced a significant correction in value. The ETH coin price then traded in a consolidated range between $2,200 and $2,300 for over two weeks.
Recently, the price successfully regained momentum and jumped over 10%, indicating a rising bullish influence in the crypto space.
Will The Ethereum Price Go Up?
The Moving Average Convergence Divergence (MACD) displays a jump in the histogram, indicating an increased buying-over-selling pressure in the market. Moreover, the averages show a sharp rise, highlighting a bullpower in the market.
If the bulls hold the price above the support level of $2,400, the bulls will prepare to test its resistance level of $2,450 this week. Maintaining the price at that level will set the stage for the Ethereum price to attempt to test its upper resistance level of $2,500 over the weekend.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $2,300. Further, if the bears continue to dominate the market, it will result in the coin losing all its gains and plunging to test its lower support level of $2,200.
